Fiat says Ferrari chief Montezemolo is not quitting

Italian automaker Fiat S.p.A. denied a report saying that Ferrari Chairman Luca Cordero di Montezemolo would soon be replaced. Rumors have been brewing ever since Montezemolo stepped down from a similar post at Fiat, and has been reportedly interested in a move into politics, having started his own think-tank, Italia Futura.

Italian newspaper, the Librero, said on Friday that Andrea Agnelli, part of the family dynasty that controls Fiat, would be replacing the Ferrari executive. Fiat said the report was made without foundation.

Montezemolo, 62, has been chairman of Ferrari since 1991.

– By: Stephen Calogera

Source: Automotive News (Subscription Required)